The operator of OKX, a US-based cryptocurrency exchange, has pleaded guilty to violating US anti-money laundering laws and agreed to pay $505 million in fines and forfeited fees. The company, Aux Cayes FinTech Co, admitted to operating an unlicensed money transmitting business without adhering to its own policies, allowing over $5 billion of suspicious transactions.
The probe found that OKX knowingly facilitated the use of its platform by US customers despite its own policy restrictions, generating hundreds of millions in fees and profits. Employees allegedly assisted some users by providing false identification information. The company also promoted itself in the US through high-profile events like the Tribeca Film Festival.
As part of the plea deal, OKX must employ an external compliance consultant until February 2027. The guilty plea includes a $84.4 million fine and a $420.3 million forfeiture.
Source: https://www.cnbc.com/2025/02/24/us-says-okx-crypto-exchange-operator-enters-505-million-guilty-plea.html